Why Patterson-UTI Energy's Shares Plunged 11.4% on Thursday
Shares of Patterson-UTI Energy (NASDAQ: PTEN) fell as much as 11.4% in trading Thursday after the company reported fourth-quarter 2020 financial results. Shares of the energy stock bounced near their low of the day early in the afternoon and were down 10.2% at 1:55 p.m. EST.
Quarterly revenue plunged a whopping 55.1% to $220.8 million in the fourth quarter, and net loss was $106.5 million, or $0.57 per share. Analysts were expecting a $0.62 loss per share on $218.1 million in revenue.
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Source Fool.com
